WASHINGTON – The price of gas isn’t the only thing that is going up in price lately. Credit card companies are raising their interest rates.

Hudson Valley Congressman Maurice Hinchey of Hurley wants to place a maximum cap of 20 percent on the interest rate that card companies can charge customers and he has introduced legislation to that effect.

“What we see here is consumers are turning to credit cards. After banks have been tightening the standards for home equity loans and other borrowing people are being forced more and more to the credit cards and as they are forced to the credit cards, the credit card companies are jacking up the interest rates,” he said.

Hinchey said a proposal by the Federal Reserve to limit changes to interest rates on existing balances is a good first step.